Revenue grew 25.7% YoY to $44.7M in 2026Q2, but gross margin swung to -28.1% and operating loss widened to -$173.8M, underscoring negative unit economics and heavy R&D/SG&A spending.
GRAIL Inc. (GRAL) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 165.26M | 147.17M | 125.59M | 93.11M | 55.55M | 14.61M | 0 | 0 | 0 |
| Revenue Growth % | 23.07% | 17.18% | 34.9% | 67.61% | 280.17% | - | - | - | - |
| Cost of Goods Sold | 183.16M | 209.75M | 203.62M | 188.72M | 172M | 114.61M | 0 | 0 | 0 |
| COGS % of Revenue | - | 142.52% | 162.12% | 202.69% | 309.63% | 784.39% | - | - | - |
| Gross Profit | -17.89M | -62.57M | -78.02M | -95.61M | -116.45M | -100M | 0 | 0 | 0 |
| Gross Margin % | -10.83% | -42.52% | -62.12% | -102.69% | -209.63% | -684.39% | - | - | - |
| Gross Profit Growth % | - | 19.8% | 18.4% | 17.89% | -16.44% | - | - | - | - |
| Operating Expenses | 541.36M | 471.59M | 2.11B | 1.42B | 5.33B | 1.17B | 316.42M | 255.66M | 287.5M |
| OpEx % of Revenue | - | 320.43% | 1680.91% | 1524.91% | 9588.56% | 7975.22% | - | - | - |
| Selling, General & Admin | 291.09M | 275.8M | 367.82M | 362.56M | 296.44M | 234.06M | 123.51M | 88.58M | 64.34M |
| SG&A % of Revenue | - | 187.4% | 292.86% | 389.41% | 533.64% | 1601.81% | - | - | - |
| Research & Development | 190.99M | 195.79M | 322.38M | 338.75M | 329.58M | 460.21M | 192.91M | 167.09M | 223.16M |
| R&D % of Revenue | - | 133.04% | 256.68% | 363.83% | 593.3% | 3149.55% | - | - | - |
| Other Operating Expenses | 2M | 0 | 1.42B | 718.47M | 4.7B | 471.07M | 0 | 0 | 0 |
| Operating Income | -559.25M | -534.16M | -2.19B | -1.52B | -5.44B | -1.27B | -316.42M | -255.66M | -287.5M |
| Operating Margin % | -338.4% | -362.95% | -1743.03% | -1627.61% | -9798.18% | -8659.61% | - | - | - |
| Operating Income Growth % | - | 75.6% | -44.46% | 72.16% | -330.15% | -299.9% | -23.76% | 11.07% | - |
| EBITDA | -435.49M | -377.82M | -2.03B | -1.36B | -5.29B | -1.21B | -308.85M | -245.36M | -273.42M |
| EBITDA Margin % | -263.51% | -256.72% | -1617.18% | -1457.16% | -9519.58% | -8259.6% | - | - | - |
| EBITDA Growth % | 8.47% | 81.4% | -49.71% | 74.34% | -338.16% | -290.77% | -25.88% | 10.26% | - |
| D&A (Non-Cash Add-back) | 116.68M | 156.34M | 158.06M | 158.7M | 154.76M | 58.45M | 7.56M | 10.31M | 14.08M |
| EBIT | -529.47M | -534.5M | -768.22M | -796.92M | -742.46M | -1.27B | -316.3M | -253.44M | -283.5M |
| Net Interest Income | 29.28M | 28.65M | 26.73M | 7.95M | 1.74M | 332K | 6.14M | 12.43M | 8.34M |
| Interest Income | 29.28M | 28.65M | 26.73M | 7.95M | 1.74M | 332K | 6.14M | 12.43M | 8.34M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 29.78M | -341K | 26.8M | 7.75M | 1.5M | 90K | 4.29M | 10.61M | 12.26M |
| Pretax Income | -529.47M | -534.5M | -2.16B | -1.51B | -5.44B | -1.27B | -312.12M | -245.05M | -275.23M |
| Pretax Margin % | -320.38% | -363.18% | -1721.69% | -1619.29% | -9795.48% | -8658.99% | - | - | - |
| Income Tax | -137.88M | -126.15M | -135.36M | -41.95M | -42.29M | -17.48M | 33K | -195K | 485K |
| Effective Tax Rate % | 26.04% | 23.6% | 6.26% | 2.78% | 0.78% | 1.38% | -0.01% | 0.08% | -0.18% |
| Net Income | -391.59M | -408.35M | -2.03B | -1.47B | -5.4B | -1.25B | -312.16M | -244.85M | -275.72M |
| Net Margin % | -236.95% | -277.47% | -1613.92% | -1574.23% | -9719.35% | -8539.39% | - | - | - |
| Net Income Growth % | 11.6% | 79.85% | -38.3% | 72.85% | -332.7% | -299.73% | -27.49% | 11.19% | - |
| Net Income (Continuing) | -391.59M | -408.35M | -2.03B | -1.47B | -5.4B | -1.25B | -312.16M | -244.85M | -275.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -9.08 | -11.11 | -63.54 | -47.20 | -173.87 | -40.18 | -2.52 | -1.99 | -2.42 |
| EPS Growth % | 25.63% | 82.52% | -34.62% | 72.85% | -332.73% | -1494.44% | -26.63% | 17.77% | - |
| EPS (Basic) | - | -11.11 | -63.54 | -47.20 | -173.87 | -40.18 | -2.52 | -1.99 | -2.42 |
| Diluted Shares Outstanding | 43.11M | 36.75M | 31.9M | 31.05M | 31.05M | 31.05M | 123.67M | 123.19M | 114.14M |
| Basic Shares Outstanding | 43.11M | 36.75M | 31.9M | 31.05M | 31.05M | 31.05M | 123.67M | 123.19M | 114.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GRAL stock.
For fiscal year 2025, GRAIL Inc. (GRAL) reported total revenue of $147.2M.
GRAIL Inc. (GRAL) reported a net loss of $408.4M for the fiscal year ending 2025.
GRAIL Inc. (GRAL) reported an operating income of $-534.2M, resulting in an operating profit margin of -363.0%. This margin reflects the operational efficiency of the business before interest and taxes.
GRAIL Inc. (GRAL) generated $-62.6M in gross profit for the year, representing a gross profit margin of -42.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Reimbursement and cash burn
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates Amid Adoption
Revenue grew 25.7% year-over-year to $44.7M in 2026Q2, accelerating from 11.2% in 2025Q2, according to reported financials, suggesting increasing Galleri adoption despite lack of broad reimbursement.
The sequential acceleration from 11.2% to 25.7% year-over-year growth indicates that commercial traction is building, likely driven by out-of-pocket and pilot program volumes. However, the revenue base remains small, and the sustainability of this growth depends on converting pilot programs into standardized clinical workflows. Investors should monitor whether growth can persist without formal payer coverage.
Negative Gross Margins Reflect Scale Deficit
Gross margin swung to -28.1% in 2026Q2 from +47.9% in 2026Q1, per income statement data, highlighting volatile and structurally negative unit economics as sequencing costs outpace realized pricing.
The dramatic swing in gross margin between quarters suggests that revenue recognition timing and cost allocation are highly variable, but the persistent negative margins across most quarters indicate that direct costs exceed price realization. This implies that GRAL has not achieved the economies of scale needed to offset its high-variable-cost lab operations. A permanent margin improvement would likely require either significant cost reductions or reimbursement-driven price increases.
Operating Leverage Absent as Costs Outpace Revenue
Operating margin improved to -3.9% in 2026Q2 from -4.5% in 2025Q2, but operating losses remain substantial at -$173.8M, per reported figures, indicating that SG&A and R&D spending continue to outpace revenue growth.
Despite revenue growth, operating expenses have not scaled down proportionally, with SG&A at $88.4M in 2026Q2, nearly double revenue. This suggests that the company is still in heavy investment mode, prioritizing clinical evidence generation and commercial infrastructure over near-term profitability. The lack of operating leverage is typical for a pre-profit diagnostics firm, but the magnitude of losses warrants close monitoring of cash burn.
Net Losses Driven by Operating Burn, Not One-Offs
Net loss of -$110.2M in 2026Q2, with EPS of -$2.56, reflects ongoing operational burn, as stock-based compensation of $19.6M adds to cash consumption, based on the income statement data.
The net loss is primarily attributable to operating losses rather than non-recurring items, though the 2024Q2 net loss of -$1.6B likely included spin-off-related charges. Stock-based compensation remains a meaningful non-cash expense, but it still represents a real dilution cost to shareholders. The absence of guidance and persistent negative EPS suggest that earnings quality is low, with no near-term path to profitability visible.
R&D and SG&A Dominate Cost Structure
R&D and SG&A combined totaled $135.8M in 2026Q2, far exceeding revenue of $44.7M, per financial statements, underscoring the heavy investment in clinical trials and commercial build-out.
The cost structure is dominated by R&D and SG&A, which together are roughly three times revenue. R&D spending has remained relatively stable around $47-48M per quarter, indicating a sustained commitment to clinical validation. SG&A, however, has grown from $66.5M in 2025Q2 to $88.4M in 2026Q2, suggesting increased commercial investment. This cost trajectory implies that GRAL is prioritizing market development over cost discipline, which is typical for a growth-stage biotech.
2024Q2 Spin-Off Marks Operational Reset
The 2024Q2 quarter showed a massive net loss of -$1.6B and EPS of -$51.06, per reported data, reflecting the spin-off from Illumina and associated charges, after which quarterly losses normalized to ~-$100M.
The 2024Q2 period was a clear inflection point, as the company transitioned to an independent entity, incurring significant one-time costs. Since then, operating losses have stabilized in the $120-175M range, and revenue has grown steadily. This suggests that the spin-off allowed GRAL to reset its financial baseline, but the ongoing losses indicate that the company is still in a heavy investment phase with no clear timeline to profitability.
Reimbursement Delay Could Undermine Growth
Despite revenue growth, gross margins remain negative and cash burn persists, per income statement data, suggesting that without Medicare reimbursement, the business model may face structural profitability challenges.
The most significant risk to the income statement narrative is the lack of broad reimbursement, which keeps average selling prices low and forces reliance on out-of-pocket payments. If the Multi-Cancer Early Detection Screening Act stalls or CMS issues an unfavorable coverage determination, revenue growth could decelerate sharply, and the negative gross margins could persist indefinitely. Additionally, the high false-positive rate could lead to pushback from healthcare systems, further limiting adoption. Investors should monitor regulatory and payer developments closely, as they are the key swing factors for the company's financial trajectory.